This is one of at least four versions of a Playboy cartoon by Marty Murphy. I saw the cartoon itself decades ago, too long ago to remember the caption or compare it to the one I have. Another version was for sale the same time as this one. The only difference between them seems to be the floozy. In the other one, she is smaller, younger-looking, more heavily made up, with a look of nothing going on above the eyes. I far prefer this one where she is a mature woman who knows what is what.
Marty Murphy was one of Playboy's signature cartoonists. Playboy ran many cartoons like this about Santa going to town.
I've seen a third version. In that one, Santa is much bigger. The girl has no mouth, two parallel slits for eyes and white hair.
